Key Business Customer-Centric Business Processes and how they benefit from MDM
Your business partners are fundamental to the success of your company. Serving them, supporting them, going to market with them, and providing the goods and services they desire are the essential business processes that maintain this relationship. Having the best information about your business partners is necessary in today’s economy and it’s why Master Data Management is now so critical to you.
Below are just a few examples of business processes that depend on accurate and up-to-date customer information.
Do your business customers complain about the fact that you don’t know them? When a customer has an issue, does that issue stay siloed in your customer support application? This is a major problem within many companies. Without MDM to align data between disparate systems your business relationship will suffer.
Is your company experiencing unexpected churn? Do you know why? Many customers are frustrated by the inability for one part of an organization to communicate with others in the same company, such as customer service not communicating a critical customer complaint with the sales renewal organization. This problem is heightened when dealing with a business customer where you have relationships with various departments within their company. Without MDM not only may you not know it’s the same customer, you will also not have a consolidated history of that customer’s interactions.
Cross-Sell and UpSell
Would you like to increase your ability to cross-sell and upsell? Is your company identifying cross-sell and upsell opportunities as accurately and efficiently as it should be?Often, indicators of up- and cross-sell opportunities can be scattered throughout multiple systems or accounts. For example, maybe you are selling to separate departments within an organization, and your system is not recognizing these as being potentially part of the same parent account. Perhaps opportunities or needs expressed to a support staffer are not being communicated to the sales team. With the right MDM solution, you can put all relevant information together in order to more accurately and efficiently uncover upsell and cross-sell opportunities.
Is your renewal process as efficient as it should be? Do you sell to multiple entities within a single business, and does this further complicate your renewal process? Does your renewal process stall because your previous contacts have moved to a different position or a different company? MDM can help you put all of these disparate relationships together in order to present a clear and correct view of your relationship with a client so the renewal team can go into their process with all the information they need. Without MDM, your renewals team may be wasting precious time digging through various applications to find the necessary information. Worse still, your renewals team may be missing out on opportunities they may have otherwise seen if they had access to complete information.
Compliance and Risk Management
Do you know the ownership structure of customers to know your true financial exposure to large corporations? Have you accurately identified customers in order to comply with government regulations? A well-run master data management platform ensures that you can accurately understand who your customers are. It reduces the risks associated with poorly governed data. Accurately track all of the service level agreements you are liable for, adjust quickly when your customers merge, and provide audit trails to prove regulatory compliance.
MDM is the only cost-effective solution to integrate and standardize your business customer definitions. Other processes include, ecommerce, customer care, account marketing, and install based marketing.